Highly-rated US companies are mostly stockpiling the cash from heavy new bond issuance, while speculative grade companies are paying down debt with the proceeds of their bond issues, according to Moody's.
Both groups still face a significant repayment schedule in the next few years, in spite of the recent loosening of credit conditions, the rating agency says.
Earlier this year Moody's said $390bn of US bonds, mostly investment grade, were due to mature through to the end of 2011. In spite of soaring debt issuance this year, $312bn, or 80 per cent, of that amount remains. Another $184bn is due in 2012.
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